<PAGE>   1
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                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549


                                   FORM 10-K


(Mark One)
[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934  (FEE REQUIRED)
For the fiscal year ended  December 31, 1996

                                       OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from  __________  to  _____________



                      FIRSTPLUS HOME LOAN OWNER TRUSTS
                   (Issuer with respect to the Securities)


                      FIRSTPLUS INVESTMENT CORPORATION
                 (Originator of the Trusts described herein)
           (Exact name of Registrant as specified in its charter)


        Nevada                      33-65373                     75-2596063
(State of Incorporation)       (Commission File No.)          (I.R.S. Employer
                                                             Identification No.)

    3773 Howard Hughes Parkway
           Suite 300N
        Las Vegas, Nevada                                        89109
(Address of Principal executive offices)                       (Zip Code)


     Registrant's Telephone Number, Including Area Code: (702) 892-3772


<PAGE>   2

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.   Yes /X/   No /  /

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K.  /  /

Aggregate market value of voting stock held by nonaffiliates of the Registrant
as of the latest practicable date, December 31, 1996:  None

As of December 31, 1996, the latest practicable date, there were 1,000 shares
of FIRSTPLUS INVESTMENT CORPORATION common stock outstanding.

The Registrant meets the conditions set forth in General Instruction I(1)(a)
and (b) of Form 10-K and, therefore, is furnishing the abbreviated narrative
disclosure specified in Paragraph (2) of General Instruction I.


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<PAGE>   3
                               TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                        Page No.
                                                                        --------
<S>     <C>                                                             <C>
PART I
         Item 1.     Business
         Item 2.     Properties
         Item 3.     Legal Proceedings
         Item 4.     Submission of Matters to a Vote of Security Holders


PART II
         Item 5.     Market for Registrant's Common Equity and
                     Related Stockholder Matters
         Item 6.     Selected Financial Data
         Item 7.     Management's Discussion and Analysis of
                     Financial Condition and Results of Operation
         Item 8.     Financial Statements and Supplementary Data
         Item 9.     Changes in and Disagreements with Accountants
                     on Accounting and Financial Disclosure


PART III
         Item 10.    Directors and Executive Officers of the Registrant
         Item 11.    Executive Compensation
         Item 12.    Security Ownership of Certain Beneficial Owners
                     and Management
         Item 13.    Certain Relationships and Related Transactions


PART IV

         Item 14.    Exhibits, Financial Statement Schedules, and Reports
                     on Form 8-K
</TABLE>

Signatures





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<PAGE>   4

                                     PART I


ITEM 1.  BUSINESS.


         The Registrant was incorporated in the State of Nevada on May 12, 1995
as a wholly-owned, limited purpose finance subsidiary of FIRSTPLUS FINANCIAL
GROUP, INC. (formerly RAC Financial Group, Inc.), a publicly-traded, NASDAQ
exchange-listed corporation.  The Registrant was organized to facilitate the
securitization of home loans through the issuance and sale of asset backed
securities.

         The Registrant has filed a Registration Statement on Form S-3 (File
No. 333-11855) with the Securities and Exchange Commission, pursuant to which
the Registrant registered $1,240,625,000 aggregate principal amount of asset-
backed securities (the "Securities"), issuable by grantor trusts or owner
trusts in various series, for sale in accordance with the provisions of the
Securities Act of 1933, as amended (the "Act").   Pursuant to Rule 429 of the
General Rules and Regulations under the Act, the forms of Prospectus which are
filed as part of such Registration Statement are combined Prospectus' relating
also to $758,375,000 of securities registered under the Registrant's
Registration Statement on Form S-3 (File No. 33-65373) and to $1,000,000 of
securities registered under Registrant's Registration Statement on Form S-3
(File No. 333-10451).

ITEM 2.   PROPERTIES.

         The Registrant has no physical properties.

ITEM 3.  LEGAL PROCEEDINGS.

         None.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

         Information in response to this Item is omitted pursuant to General
Instruction I.


                                    PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

         (a)     All of the Registrant's outstanding common stock is owned by
FIRSTPLUS Financial Group, Inc.  Accordingly, there is no established public
trading market for the Registrant's common stock.  The Registrant has paid no
dividends with respect to its common stock.





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<PAGE>   5
         (b)     At December 31, 1996, the number of holders of record of all
classes of Securities that remain outstanding as of such date was as follows:

<TABLE>
<CAPTION>
                        SERIES                       NUMBER OF RECORD HOLDERS
                        -------                      ------------------------
                         <S>                                  <C>
                         1996-2                                1
                         1996-3                                3
                         1996-4                                3
</TABLE>

ITEM 6.  SELECTED FINANCIAL DATA.

         Information in response to this Item is omitted pursuant to General
Instruction I.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATION.

         Information in response to this Item is omitted pursuant to General
Instruction I.


ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

         In lieu of the information required by Item 8, the Registrant hereby
incorporates by reference (i) the annual report of Ernst & Young LLP, dated
October 25, 1996 with regard to the Servicer's compliance with applicable
accounting standards filed herewith as Exhibit 28.2, (ii) the quarterly
statements of compliance of the Servicer for Series 1996-2 and Series 1996-3 to
be filed by amendment as Exhibit 28.1, and (iii) the annual reports aggregating
Servicer Monthly Remittance Reports for Series 1996-2, Series 1996-3 and Series
1996-4 for the fiscal year ended December 31, 1996 to be filed by amendment
as Exhibits 13.1, 13.2 and 13.3, respectively.


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE.

         Not applicable.


                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

         Information in response to this Item is omitted pursuant to General
Instruction I.


                                     -5-
<PAGE>   6
ITEM 11. EXECUTIVE COMPENSATION.

         Information in response to this Item is omitted pursuant to General
Instruction I.


ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

         Information in response to this Item is omitted pursuant to General
Instruction I.


ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

         Information in response to this Item is omitted pursuant to General
Instruction I.


                                    PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.

         (a)     Not applicable.

         (b)     The Registrant has filed the following Current Reports on Form
                 8-K during the last quarter of the fiscal year ended December
                 31, 1996:

                 (1)      Current Reports on Form 8-K dated as of October 21,
                          1996, November 18, 1996 and December 18, 1996 with
                          respect to Monthly Servicer Remittance Reports for
                          Series 1996-2.

                 (2)      Current Report on Form 8-K dated as of December 20,
                          1996 with respect to final loan pool for Series
                          1996-3.

                 (3)      Current Reports on Form 8-K dated as of October 21,
                          1996, November 18, 1996 and December 18, 1996 with
                          respect to Monthly Servicer Remittance Reports for
                          Series 1996-3.

                 (4)      Current Report on Form 8-K dated as of November 14,
                          1996 with respect to filing of Collateral Term Sheets
                          for Series 1996-4.

                 (5)      Current Report on Form 8-K dated as of November 20,
                          1996  with respect to filing of Accountant's Consent
                          for Series 1996-4.

                 (6)      Current Report on Form 8-K dated as of January 17,
                          1997 with respect to final loan pool for Series
                          1996-4.





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<PAGE>   7
                 (7)      Current Report on Form 8-K dated as of December 13,
                          1996 with respect to Monthly Servicer Remittance
                          Report for Series 1996-4.



          (c)      Exhibits

                 3.1      Amended and Restated Articles of Incorporation of the
                          Registrant (Incorporated herein by reference to
                          Exhibit to Amendment No. 2 to Registrant's
                          Registration Statement No. 33-65373 on Form S-3 filed
                          on May 10, 1996).

                 3.2      By-Laws of the Registrant (Incorporated herein by
                          reference to Exhibit to Registrant's Registration
                          Statement No. 33-65373 on Form S-3 filed on December
                          22, 1995).

                 4.1      Copy of Pooling and Servicing Agreement for Series
                          1996-2 dated as of June 1, 1996, among Registrant, as
                          Depositor,  FIRSTPLUS FINANCIAL, INC., as Servicer,
                          and First Trust of California, N.A., as Trustee
                          (Incorporated herein by reference to Exhibit to the
                          Registrant's Current Report on Form 8-K dated as of
                          August 30, 1996).

                 4.2      Copy of Indenture for Series 1996-3 dated as of
                          September 1, 1996, among FIRSTPLUS HOME LOAN OWNER
                          TRUST 1996-3, as Issuer, and First Bank National
                          Association, as Indenture Trustee (Incorporated
                          herein by reference to Exhibit to the Registrant's
                          Current Report on Form 8-K dated as of December 20,
                          1996).

                 4.3      Copy of Trust Agreement for Series 1996-3 dated as of
                          September 1, 1996, among the Registrant, as
                          Depositor, FIRSTPLUS RESIDUAL HOLDINGS, INC.,
                          Wilmington Trust Company, as Owner Trustee, and First
                          Bank National Association, as Co-Owner Trustee
                          (Incorporated herein by reference to Exhibit to the
                          Registrant's Current Report on Form 8-K dated as of
                          December 20, 1996).

                 4.4      Copy of Indenture for Series 1996-4 dated as of
                          November 1, 1996, among FIRSTPLUS HOME LOAN OWNER
                          TRUST 1996-4, as Issuer, and First Bank National
                          Association, as Indenture Trustee (Incorporated
                          herein by reference to Exhibit to the Registrant's
                          Current Report on Form 8-K dated as of January 17,
                          1997).

                 4.5      Copy of Trust Agreement for Series 1996-4 dated as of
                          November 1, 1996, among the Registrant, as Depositor,
                          FIRSTPLUS RESIDUAL HOLDINGS, INC., Wilmington Trust
                          Company, as Owner Trustee, and First Bank National
                          Association, as Co-Owner Trustee (Incorporated herein
                          by reference




                                     -7-
<PAGE>   8
                          to Exhibit to the Registrant's Current
                          Report on Form 8-K dated as of January 17, 1997).


                 10.1     Copy of Sale and Servicing Agreement for Series
                          1996-3 dated as of September 1, 1996, among the
                          Registrant, as Seller, FIRSTPLUS FINANCIAL, INC., as
                          Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1996-3, as
                          Issuer, and First Bank National Association, as
                          Indenture Trustee and Co-Owner Trustee (Incorporated
                          herein by reference to Exhibit to Registrant's
                          Current Report on Form 8-K dated as of December 20,
                          1996).

                 10.2     Copy of Sale and Servicing Agreement for Series
                          1996-4 dated as of November 1, 1996, among the
                          Registrant, as Seller, FIRSTPLUS FINANCIAL, INC., as
                          Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1996-4, as
                          Issuer, and First Bank National Association, as
                          Indenture Trustee and Co-Owner Trustee (Incorporated
                          herein by reference to Exhibit to Registrant's
                          Current Report on Form 8-K dated as of January 17,
                          1997).

                *13.1     Annual Report Aggregating Servicer Monthly Remittance
                          Reports for Series 1996-2 for the fiscal year ended
                          December 31, 1996.

                *13.2     Annual Report Aggregating Servicer Monthly Remittance
                          Reports for Series 1996-3 for the fiscal year ended
                          December 31, 1996.

                *13.3     Annual Report Aggregating Servicer Monthly Remittance
                          Reports for Series 1996-4 for the fiscal year ended
                          December 31, 1996.

                *28.1     Quarterly Statements of Compliance of Servicer for
                          Series 1996-2 and Series 1996-3.

                 28.2     Report of Ernst & Young LLP, dated October 25, 1996,
                          regarding Servicer's Compliance with Applicable
                          Accounting Standards.


         (d)     Not applicable.


SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT
TO SECTION 12 OF THE ACT.

         No annual report or proxy material has been sent to security holders.

         *  To be filed by amendment.

                                     -8-
<PAGE>   9
                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

                                           FIRSTPLUS INVESTMENT CORPORATION



                                           By: /s/ CHRISTOPHER J. GRAMLICH
                                              -------------------------------
                                              Christopher J. Gramlich
                                              Senior Vice President

Dated:  March 27, 1997



         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been executed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.


      SIGNATURE                        TITLE                           DATE
      ---------                        -----                           ----


/s/ KIRK R. PHILLIPS
-------------------------       Director and President            March 26, 1997
Kirk R. Phillips                (Principal Executive
                                Officer)
/s/ MARK J. LANDRY
-------------------------       Director, Treasurer and           March 26, 1997
Mark J. Landry                  Chief Financial Officer
                                (Principal Financial
                                Officer and Principal
                                Accounting Officer)
/s/ LARRY G. STUDINSKI
-------------------------       Director                          March 26, 1997
Larry G. Studinski

/s/ STEVEN A. RUBIN
-------------------------       Director                          March 27, 1997
Steven A. Rubin





                                     -9-


<PAGE>   10
                              INDEX TO EXHIBITS

<TABLE>
  EXHIBIT
  NUMBER                         DESCRIPTION
  ------                         -----------
<CAPTION>
    <S>      <C>
    3.1      Amended and Restated Articles of Incorporation of the
             Registrant (Incorporated herein by reference to
             Exhibit to Amendment No. 2 to Registrant's
             Registration Statement No. 33-65373 on Form S-3 filed
             on May 10, 1996).

    3.2      By-Laws of the Registrant (Incorporated herein by
             reference to Exhibit to Registrant's Registration
             Statement No. 33-65373 on Form S-3 filed on December
             22, 1995).

    4.1      Copy of Pooling and Servicing Agreement for Series
             1996-2 dated as of June 1, 1996, among Registrant, as
             Depositor,  FIRSTPLUS FINANCIAL, INC., as Servicer,
             and First Trust of California, N.A., as Trustee
             (Incorporated herein by reference to Exhibit to the
             Registrant's Current Report on Form 8-K dated as of
             August 30, 1996).

    4.2      Copy of Indenture for Series 1996-3 dated as of
             September 1, 1996, among FIRSTPLUS HOME LOAN OWNER
             TRUST 1996-3, as Issuer, and First Bank National
             Association, as Indenture Trustee (Incorporated
             herein by reference to Exhibit to the Registrant's
             Current Report on Form 8-K dated as of December 20,
             1996).

    4.3      Copy of Trust Agreement for Series 1996-3 dated as of
             September 1, 1996, among the Registrant, as
             Depositor, FIRSTPLUS RESIDUAL HOLDINGS, INC.,
             Wilmington Trust Company, as Owner Trustee, and First
             Bank National Association, as Co-Owner Trustee
             (Incorporated herein by reference to Exhibit to the
             Registrant's Current Report on Form 8-K dated as of
             December 20, 1996).

    4.4      Copy of Indenture for Series 1996-4 dated as of
             November 1, 1996, among FIRSTPLUS HOME LOAN OWNER
             TRUST 1996-4, as Issuer, and First Bank National
             Association, as Indenture Trustee (Incorporated
             herein by reference to Exhibit to the Registrant's
             Current Report on Form 8-K dated as of January 17,
             1997).

    4.5      Copy of Trust Agreement for Series 1996-4 dated as of
             November 1, 1996, among the Registrant, as Depositor,
             FIRSTPLUS RESIDUAL HOLDINGS, INC., Wilmington Trust
             Company, as Owner Trustee, and First Bank National
             Association, as Co-Owner Trustee (Incorporated herein
             by reference to Exhibit to the Registrant's Current
             Report on Form 8-K dated as of January 17, 1997).


    10.1     Copy of Sale and Servicing Agreement for Series
             1996-3 dated as of September 1, 1996, among the
             Registrant, as Seller, FIRSTPLUS FINANCIAL, INC., as
             Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1996-3, as
             Issuer, and First Bank National Association, as
             Indenture Trustee and Co-Owner Trustee (Incorporated
             herein by reference to Exhibit to Registrant's
             Current Report on Form 8-K dated as of December 20,
             1996).

    10.2     Copy of Sale and Servicing Agreement for Series
             1996-4 dated as of November 1, 1996, among the
             Registrant, as Seller, FIRSTPLUS FINANCIAL, INC., as
             Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1996-4, as
             Issuer, and First Bank National Association, as
             Indenture Trustee and Co-Owner Trustee (Incorporated
             herein by reference to Exhibit to Registrant's
             Current Report on Form 8-K dated as of January 17,
             1997).

   *13.1     Annual Report Aggregating Servicer Monthly Remittance
             Reports for Series 1996-2 for the fiscal year ended
             December 31, 1996.

   *13.2     Annual Report Aggregating Servicer Monthly Remittance
             Reports for Series 1996-3 for the fiscal year ended
             December 31, 1996.

   *13.3     Annual Report Aggregating Servicer Monthly Remittance
             Reports for Series 1996-4 for the fiscal year ended
             December 31, 1996.

   *28.1     Quarterly Statements of Compliance of Servicer for
             Series 1996-2 and Series 1996-3.

    28.2     Report of Ernst & Young LLP, dated October 25, 1996,
             regarding Servicer's Compliance with Applicable
             Accounting Standards.


</TABLE>

* To be filed by amendment.